WaterColor Real Estate Statistics June 2015 Year-Over-Year

Year-over-year average sales price moderated sharply dropping 12.11% while median sale prices dropped 4.60%. This comes in combination with an 8.84% average list price increase. It looks like sellers have not quite caught up with the market and will be needing to make price reductions moving forward to meet the market. That said, average days on market dropped 37.21% with median dropping 30.49% and this may mean the current active sellers are in fact aggressively negotiating with buyers to get listings sold. However, it seems new listings outstripped sold active listings as the absorption rate actually went up 8.78%. 7 properties sold as opposed to 8 this time last year with 11 pending matching last year’s 11 pending. 84 listings are currently on the market while last year in June 80 listings were available for sale. New listings were set at 11 compared to last year’s 13. Like the overall 30A East market Watercolor is following suit, it seems. I’ve noticed some price adjustments on homes in Watercolor. Most of them are downward so in my mind buyers are starting to be resistant to the price per square foot over $500 in Watercolor unless it’s in phase I or in immaculate condition. Even then deep into phase II, I’m seeing prices drop from the high $400s psf. to the lower $400s in an effort to get the home sold. Of course, sometimes this is due to a builder needing to move a property fast. I’ve made firm offers on properties that were a good 15% off the asking price that were initially turned down only to get a call a few days later accepting so buyers must be patient. This of course doesn’t mean all sellers are that motivated so each deal unto its own and clearly if you love a home and “lowball” the price you take the risk of losing it to another buyer. The key is to make sure your realtor does the homework and determines what the home is worth using comps.